As a seasoned crypto investor, I’ve seen my fair share of market fluctuations and corrections. The current consolidation phase of Shiba Inu (SHIB) at the $0.0000163 level is a familiar sight, but I remain optimistic based on the bullish flag pattern forming in its daily chart.
During this week’s price stabilization, Shiba Inu‘s value remains just above the $0.0000163 mark in an attempt to find footing above long-term support. The daily chart of SHIB depicts a fluctuation between green and red candles, indicating uncertainty among buyers and sellers. Will this trend persist and lead to a new uptrend or is Bitcoin‘s possible drop below $60,000 a sign of an impending correction?
Shiba Inu Price: Bull-Flag Hints Temporary Pullback
As a researcher studying the cryptocurrency market, I’ve observed that Shiba Inu, the second largest meme coin, experienced a correction trend starting in late May. Following a significant price peak at $0.0000294, the coin’s value saw a sharp decline of over 41% during the market sell-off, resulting in its current trading price of $0.0000172. The market capitalization for Shiba Inu also took a hit, dropping to approximately $10.12 Billion.
As a researcher studying market trends, I’ve noticed that the daily chart’s recent downturn might actually be part of a bullish continuation pattern known as a flag. This chart setup frequently emerges during an established uptrend, offering buyers a chance to regain their bullish momentum.
Additionally, crypto analytics firm Sentiment has employed the MVRV Z-Score to pinpoint pricing disparities in the cryptocurrency sector. Based on their latest assessment, Toncoin, Bitcoin, and Ethereum are deemed overpriced, whereas Uniswap and Shiba Inu appear underpriced.
Based on the MVRM Z-Score analysis, which determines whether assets are overvalued or undervalued by assessing typical trader profits, the leading capitalization category stocks fall into the following groups:
Overbought: Toncoin, Bitcoin, Ethereum
Underbought: Uniswap, Shiba Inu— Santiment (@santimentfeed) June 29, 2024
Using a different perspective, this tool helps identify whether market value surpasses or falls short of the actual realizations, shedding light on potential overvalued or undervalued situations. Consequently, Shiba Inu may have greater chances for price growth and recover its previous value loss.
If the asset experiences a shift in direction and touches the lower trendline again, it may surge by approximately 28-30% prior to encountering the significant resistance level of the flag pattern. As long as this descending trendline remains unbroken, SHIB‘s price correction could persist.
As a researcher studying the price movements of Shib, I believe a significant breakout from the flag pattern is imminent if we’re to continue seeing the prevailing rally unfold. Should buying pressure persist, the SHIB prediction indicates a potential surge towards $0.00003, with an ambitious target reaching $0.000045 in the near future.
Technical Indicator:
- EMAs: The 20-day Exponential Moving Average wavering close to $0.0000183 increasing the supply pressure for this resistance.
- ADX: The Average Directional Index slope shifting flag indicates the weakening bear momentum after an overextended fall.
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2024-06-29 22:48